For the majority of buyers, financing a property transaction will be part cash and part mortgage.
With terms like Fixed, Variable and tracker the mortgage market can be quite complex, and at times daunting, particularly for those who have not gone through the process before!
An imperative starting point for any buyer is to first know exactly what they can afford before viewing properties. In a market as competitive as London, the majority of vendors will ask that buyers are financially vetted before any offer is taken seriously (We offer this as part of our due diligence).
Gone are the days where arranging an appointment with your local bank was the only option available when discussing your mortgage options.
In a market where there seems to be an infinite amount of products and choices available to you, appointing a FCA approved ( Financial Conduct Authority) mortgage broker can make this process simpler, stress free and hopefully result in a product that is more favourable than that offered by your local bank.
Your appointed broker will discuss with you all the necessary details in order to find you the best product. Whilst some rates and products may on the surface seem more favourable, there are many elements that should be considered, so it is worth having a professional on the scene to guide and point you in the right direction!
- The first step will be to get an Agreement in Principle (AIP). This can be generated easily and will quickly show you how much a specific lender will be prepared to loan you (many estate agents will ask to see proof of this when you make an offer so it is worth having!)
- Once your offer has been accepted, your mortgage broker will then submit a formal application on your behalf with your preferred lender and a survey will be instructed. These come in three forms; Mortgage valuation, Home buyers report, Building Survey. Your broker will be able to advise you on the best option for you.
- As soon as your lender has confirmed they agree with the value of the property and their underwriters are happy with your finances, a formal mortgage offer will be issued!
Here at Butler & Stag we have a team of in house, qualified and experienced FCA regulated mortgage brokers that are completely independent, meaning they have access to the whole mortgage market, as opposed to having 'preferred lenders'. So whether it is just for some friendly advice or to have a more thorough discussion about the products available to you, feel free to give us a call as there will always be someone on hand to discuss your requirements.